Sprint selling off most of its cell towers

It’s no secret that cellular carrier Sprint has been struggling for a bit. No buyout news at the moment, but in an effort to raise some cash the company will be selling off some of its cellular towers to private equity company TowerCo.

The exact number of towers hasn’t been finalized, but it’s expected to be around 3,300 which would be most of the towers they own.

The deal could get Sprint around $670 million, which could be used to pay down some of its $24 billion debt and I’d imagine another chuck of it will go towards it’s WiMAX venture with Clearwire.

In order to keep it’s cell business open, Sprint will lease back use of the towers from TowerCo but no lease prices were mentioned.

Look for more info on the deal to be announced within the next 90 days.